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republicans have offered to raise taxes on higher incomes by $800 billion, not by raising tax rates, but by eliminating some deductions and loopholes. during last year's budget showdown, the president said he wanted to do exactly that. >> what we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could have lowered rates generally while broadening the base. >> reporter: but now the president does not. he says it will not raise enough revenue. >> it's not me being stubborn. it's not me being partisan. it's just a matter of math. >> reporter: amidst all this disagreement, one area where there might be potential compromise, raising the age when seniors can start receiving medicare, from 65 to 67. that would help the government save almost $6 billion a year, according to one study, though it would also come at a cost. an average of $700 more in out-of-pocket costs for those seniors no longer eligible for
republicans have offered to raise taxes on higher incomes by $800 billion, not by raising tax rates, but by eliminating some deductions and loopholes. during last year's budget showdown, the president said he wanted to do exactly that. >> what we said was give us $1.2 trillion in additional revenues, which could be accomplished without hiking tax rates, but could simply be accomplished by eliminating loopholes, eliminating some deductions and engaging in a tax reform process that could...
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Nov 29, 2012
11/12
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. >> worth more than 327 million after taxes. can you imagine? >> no, that's crazy. tell you what the odds of winning are, 1 in 175 million. >> i feel lucky. >> okay. listen. we did a kick pick. >> gave five bucks and said make it count. we did a quick pick, which i kind of like. >> somebody did it for us. i gave them five bucks and said make it count. >> good. >> two and a half. >> anyway. i always do the quick pick but they say a lot of people pick the ones that are like calendar years because those numbers mean something, if you go out of that range, 51, 53, may be better. >> so we are going to hold onto these. >> let you know if we won. >> let us know if you did. >> we will let you know if you won, we won't be here tomorrow, perfectly well. >> i love hearing what people say they would do. >> what would you do? >>> it is very, very clear to me, what i would do find the very best theater or build the greatest theater that broadway has ever seen and then i would endow it so that people who have never been to theater, never known the magic of theater, never known how
. >> worth more than 327 million after taxes. can you imagine? >> no, that's crazy. tell you what the odds of winning are, 1 in 175 million. >> i feel lucky. >> okay. listen. we did a kick pick. >> gave five bucks and said make it count. we did a quick pick, which i kind of like. >> somebody did it for us. i gave them five bucks and said make it count. >> good. >> two and a half. >> anyway. i always do the quick pick but they say a lot of...
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Dec 5, 2012
12/12
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, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change to the death tax, wanting to have a new credit card with no credit limit to the president so he can additionally just borrow and spend and tax? you go through all of these things. it really never deals with the fumblefundamental problem in our country which is the spending. our problem is not that we're taxed too little, we just continue to spend too much. >> he is asking that the debt ceiling that he has sole control over and how much the debt ceiling can be raised without having to get permission from capitol hill. i mean,
, just not the tax rate. the president said no and came back and moved the goal posts and wants 1.6 trillion. >> it's like lucy pulling away the football from charlie brown. the president is now asking for twice the amount of increase in taxes that he campaigned on. really, the proposal that tim geithner brought to capitol hill is one that i believe the democrats one-point even support if put to a voight. the increase in taxes in over $200,000 of income, the incredible increase in change...
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Dec 4, 2012
12/12
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republicans have to realize they have to cave on tax rates. the only question is what to get in return. they should demand the year 2013 will be spent putting together a pro-growth and entitlement reform package to put this country on a sound financial footing through 2040. i want to show you what ishg sken boles said. he said while i'm flattered he calls it the bowles plan, it does not represent the simpson-boles plpla plan. >> i almost always agree with brooks. i think serious tax reform has to be the next phase. i hope there's a commitment to it. you know, backing up on the revenue and what republicans need to do, i think the approach that republicans are saying is if there's a number, there are ways to get -- a variety of ways to get to the number. we want to get to a number and do it in a way to stimulate the economy and encourage growth. so there's just lots of ways of getting to a number, and it doesn't have to be that top marginal rate. you can do it through closing of loopholes and capital gains and a number of different ways to do it
republicans have to realize they have to cave on tax rates. the only question is what to get in return. they should demand the year 2013 will be spent putting together a pro-growth and entitlement reform package to put this country on a sound financial footing through 2040. i want to show you what ishg sken boles said. he said while i'm flattered he calls it the bowles plan, it does not represent the simpson-boles plpla plan. >> i almost always agree with brooks. i think serious tax...
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Dec 5, 2012
12/12
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that is 98% of the american people, getting about 80% of this tax cut shouldn't have their taxes raised. so my suggestion -- it was delivered, by the way, in private and leaked and put in public. but that's fine. i mean, it's certainly what i said. my suggestion was let's take the one area that we agree and take it off the table. >> and -- but just to be clear, though, you actually think -- because this is when i saw your comment what i was so curious about, just from a negotiating standpoint. we had the super committee that failed, now we have the fiscal cliff, right? and if those sorts of deadlines aren't enough to get a deal, if you actually were -- were going to break with your own party or say go ahead, we'll extend them for the middle class, do you actually think that you would be able to negotiate a deal where they didn't go up on the top 2% at the beginning of the year? >> you might be able to negotiate that deal. again, i think a lot of people misunderstand, you know, what's happening with the 98%. number one, i don't think you ever ought to use the american people as, quote, l
that is 98% of the american people, getting about 80% of this tax cut shouldn't have their taxes raised. so my suggestion -- it was delivered, by the way, in private and leaked and put in public. but that's fine. i mean, it's certainly what i said. my suggestion was let's take the one area that we agree and take it off the table. >> and -- but just to be clear, though, you actually think -- because this is when i saw your comment what i was so curious about, just from a negotiating...
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Dec 6, 2012
12/12
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CURRENT
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our tax revenues are down. historically they have been about 18 to 19% of the gross domestic product. part of that is the recession, but significant loss of revenue is because of the bush tax policies, and it was based on this idealogical fiction if you lower taxes it will increase revenues. and their focus was lowering taxes at the high end. we had higher tax rates under clinton, and we created 40 million jobs and had a surplus. then the bush folks came in put the war on the credit card prescription drugs on the credit card, and lowered taxes at the high end, and we had only 700,000 jobs, and had astonishing deficits since then. >> stephanie: the same l.a. times piece even makes that case with the war in afghanistan winding down, the military is asking for less than congress wants to give. so i think there has been so much hysteria over this fiscal cliff that i'm not sure it's warranted. >> that's exactly right. and also the ryan budget you know, their doctrine -- and it really is doctrining. lower taxes for t
our tax revenues are down. historically they have been about 18 to 19% of the gross domestic product. part of that is the recession, but significant loss of revenue is because of the bush tax policies, and it was based on this idealogical fiction if you lower taxes it will increase revenues. and their focus was lowering taxes at the high end. we had higher tax rates under clinton, and we created 40 million jobs and had a surplus. then the bush folks came in put the war on the credit card...
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Dec 4, 2012
12/12
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taxed. the basic understanding night can taxpayer now, they earned the right to be this cynical, is that whatever is said during these kinds of negotiations, in the end everybody pays. megyn: we have seen so much jockeying in washington back and forth between the white house and house republicans. eve one offers a deal the other side says is totally unacceptable and a non-starter. president obama just sat down for an interview with bloomberg and says the tax rates -- the republicans say don't raise rates. but let's close out loopholes and get rid of deductions. all you should care about is how much revenue you are getting. why do you care fit' a rate or deduction. increase the revenue. president obama says no i need rates to go up on the rich. now he's saying rates have to go up. they have to go up on the rich. but then we can talk about lower them again next year. we'll chat. we'll have more time then we can discuss the loopholes abductional earn tough deductions to rates. >> we are 400 day
taxed. the basic understanding night can taxpayer now, they earned the right to be this cynical, is that whatever is said during these kinds of negotiations, in the end everybody pays. megyn: we have seen so much jockeying in washington back and forth between the white house and house republicans. eve one offers a deal the other side says is totally unacceptable and a non-starter. president obama just sat down for an interview with bloomberg and says the tax rates -- the republicans say don't...
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tax rate increase. democrats have said no to that proposal.% in response to that a spokesman for house speaker john boehner saying despite republicans offer to put real revenue on the table the president has offered no concessions whatsoever. when will this willingness to compromise materialize??3 now republicans and democrats say there are no major meetings planned, no summit for democrats and republicans yet to get together and talk on this. the white house says they imagine that there is some e-mail traffic going back and forth but they refuse to tell us when and where they plan on negotiating this. back to you. ashley: i bet the language in the e-mail is pretty interesting too. >> right. ashley: rich edson, thanks so much. tracy: well more companies are accelerating their dividend payments. so we heard from campbell's soup and coach. some of the latest getting cash to shareholders ahead of fiscal cliff. oracle taking it a step further. moving up three dividend payments before the end of the year. fo
tax rate increase. democrats have said no to that proposal.% in response to that a spokesman for house speaker john boehner saying despite republicans offer to put real revenue on the table the president has offered no concessions whatsoever. when will this willingness to compromise materialize??3 now republicans and democrats say there are no major meetings planned, no summit for democrats and republicans yet to get together and talk on this. the white house says they imagine that there is...
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Dec 6, 2012
12/12
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he's willing to let the tax go up on the middle class. on the debt increase he doesn't have the same leverage. bob woodward pointed out that tim geithner said to president obama if the republicans stick to their guns on the debt limit bill you cannot reto it. the consequences will be so clam to us that you cannot veto it. so obama would have capitulated. megyn: that's what simon is saying now. that we shouldn't put the country in that position. >> the only way we'll get action on this debt. we keep spending and spending and raising our debt by $6 trillion every obama term. that's what catastrophic. the republicans need to stick to the boehner rule. a dollar of spending cuts for every dollar in spending increases. why give in on taxes and the fiscal cliff fight when you will have all the leverage. megyn: simon? >> in the rasmussen poll that came out today the republicans lost 10 points since the election in the congressional generic fight. they are losing this economic argument right now. if they pull what mark is saying, you are going to
he's willing to let the tax go up on the middle class. on the debt increase he doesn't have the same leverage. bob woodward pointed out that tim geithner said to president obama if the republicans stick to their guns on the debt limit bill you cannot reto it. the consequences will be so clam to us that you cannot veto it. so obama would have capitulated. megyn: that's what simon is saying now. that we shouldn't put the country in that position. >> the only way we'll get action on this...
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tax rates. it may be just tax rates higher for those making half a million a year, i think they'll retreat a little bit. >> i think, too, what i'd like to see the republicans do, i'd like to see them pass a bill extending tax cuts below $250,000 and everyone agrees those should be put through and then put through another bill that extends the tax cuts on those $250,000 and above and let the democrats take ownership because you know, they're going to be held responsible for the economic performance of 2013 and come 2014, you can actually get a political change that might make a difference. stuart: we'll wait and see on that one. art laffer, always a pleasure. >> bye now. stuart: the republicans submit their fiscal cliff solution. now, that plan put out by speaker boehner, includes 800 billion dollars in extra tax revenues and that would come from limiting deductions and not from higher tax rates. and there would also be 1.2 trillion dollars worth of spending cuts and the white house immediately d
tax rates. it may be just tax rates higher for those making half a million a year, i think they'll retreat a little bit. >> i think, too, what i'd like to see the republicans do, i'd like to see them pass a bill extending tax cuts below $250,000 and everyone agrees those should be put through and then put through another bill that extends the tax cuts on those $250,000 and above and let the democrats take ownership because you know, they're going to be held responsible for the economic...
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Nov 28, 2012
11/12
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CNBC
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have to raise taxes. democrats don't seem to favor lowered defense budget and favor higher taxes for the rich and so we're done. i think we're done. >> after durbin speoke yesterda, if you're going to get a blueprint, he doesn't want entitlements be part of it for next year. >> it's the 1,000-point solution. maybe that will change their mind. durbin said no. norquist is saying no tax increase. what else is there? am i missing something? what am i missing? blankfe >> stallen made a lot of sense. mass murderer about you doesn't mean he didn't make sense. >> blankfein, kent, mayer, roberts of comcast. is there anything these guys can say to change their tune? to get people -- >> we're just past thanksgiving. let's give it a little time. things can change. we've seen lots of back and forth. everybody is establishing their negotiating position. there's still a negotiation to come in some way. i'll take the optimistic view. >> maybe that's where they are starting from. >> a reset button? >> we have yet to get i
have to raise taxes. democrats don't seem to favor lowered defense budget and favor higher taxes for the rich and so we're done. i think we're done. >> after durbin speoke yesterda, if you're going to get a blueprint, he doesn't want entitlements be part of it for next year. >> it's the 1,000-point solution. maybe that will change their mind. durbin said no. norquist is saying no tax increase. what else is there? am i missing something? what am i missing? blankfe >> stallen...
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Dec 4, 2012
12/12
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at today's dividend tax rate of just 15%. that will be a big savings for him if the dividend tax does double as it may do next year. the doom and gloom of the fiscal cliff hides an important point about our economy. we play our cards right, america could be headed for another economic renaissance. short-term indicators are looking good. jobs are being created, consumer debt is shrinking. the housing market is making a comeback. forget silver linings, housing has been the golden lining around the economic cloud hanging over the country. mortgage rates are expected to stay low through 2014. home affordability is as good as it it's been in generations. that's going to attract buyers who spent the last few years waiting for prices to bottom out. that's going to help millions of homeowners who currently owe more on their homes than the home is worth. the home prices rising, confidence will return. and longer term prospects also have some real hope in america. we're in the midst of a domestic energy boom that will fuel growth for y
at today's dividend tax rate of just 15%. that will be a big savings for him if the dividend tax does double as it may do next year. the doom and gloom of the fiscal cliff hides an important point about our economy. we play our cards right, america could be headed for another economic renaissance. short-term indicators are looking good. jobs are being created, consumer debt is shrinking. the housing market is making a comeback. forget silver linings, housing has been the golden lining around...
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Dec 4, 2012
12/12
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in a way by getting rid of tax loopholes which they feel rather than raise the tax rates will have less of a negative impact on the economy. at the end i think there will be a little bit of movement on their side possibly raising the dollar income level that we have for that and making so it's a combination of increases as well as loopholes, but, frankly, the president's policy of just trying to punish the rich is what he seems to be interested in is also counterproductive, frankly. >> i saw jason johnson shaking his head no. >> this is not true. they haven't specified what any of these taxes are. they're trying to sell people a bridge and you don't even know where the bridge is going. that's one of the reasons the white house rejected the plan but here is the other reason why the republicans are eventually just going to go along and raise taxes and deal. the most important number in this whole debate is 56. 56% of the public according to a recent poll will blame the republican party in congress if this deal does not get done. they do not need another public relations hit after being sh
in a way by getting rid of tax loopholes which they feel rather than raise the tax rates will have less of a negative impact on the economy. at the end i think there will be a little bit of movement on their side possibly raising the dollar income level that we have for that and making so it's a combination of increases as well as loopholes, but, frankly, the president's policy of just trying to punish the rich is what he seems to be interested in is also counterproductive, frankly. >> i...
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Dec 4, 2012
12/12
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but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner plan, and also, of course, includes increasing those income tax rates for the wealthy. $400 billion to medicare and other entitlements, that's $ 00 billion less than in the speaker's counteroffer and this would force congress to give up its debt limit vote which is a nonstarter for house republicans. the white house saying that boehner counteroffer is nothing new, that it lacks specifics. but i will tell you, zoraida, that one house democratic aid telling cnn that it passed the laugh test. so certainly i guess it could have been worse in some estimations by democrats. >> i suspect some people were laughing. brianna keilar live at the white house for us, thank you. in the next
but instead by closing tax loopholes, eliminating tax credits. and also $600 billion in health savings. that's what you'd get from entitlement reform. from reforming medicare, and doing some cuts there under this plan. but compare it to the white house plan, very different than what's on the table there. $1.6 trillion in new taxes. that is two times the amount in the boehner plan, and also, of course, includes increasing those income tax rates for the wealthy. $400 billion to medicare and other...
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on our taxes and that fast-approaching fiscal cliff. president obama has rejected the latest republican offer. he's taking a very hard line in the talks. >>> there's growing outage here in new york city over a front-page photo from "the new york post" yesterday. this man has just fallen down on the tracks. is just seconds away from a subway train hitting and killing him. many people upset why the photographer was taking the picture and not helping the man. this morning, he's talking out, justifying why he took the photo. and why so many other folks were running away. there's nobody there trying to help him off the tracks. >> he says he was trying to help. we're going to get into that. >>> also, you guys over there took advantage of the spring weather yesterday. >> yes, we did. we needed a walk. but more importantly, we needed to see our old pal, robin. we got to walk through the riverside park, as the sun was setting on a beautiful day in manhattan. it's always the case. she's always the -- >> she looks fantastic. >> she is the best med
on our taxes and that fast-approaching fiscal cliff. president obama has rejected the latest republican offer. he's taking a very hard line in the talks. >>> there's growing outage here in new york city over a front-page photo from "the new york post" yesterday. this man has just fallen down on the tracks. is just seconds away from a subway train hitting and killing him. many people upset why the photographer was taking the picture and not helping the man. this morning, he's...
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Dec 4, 2012
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tax hikes for the rich x. republicans want tax reform and eliminate deductions and closing the loop holes. the president said on twitter, there can't be tax cuts at the rich at the expense of domestic programs. >> the biggest problem with president obama is he is a small-pinded president in big times . he talk about 35-39 that doesn't get us out of debt. >> that is tough rhetoric for senator lindd say graham. the president will meet with governors and representatives of big business to discuss the plan and house speaker jone boehner will meet with the governors and plans to conduct rallies with small business owners and not sure when they will sit down and talk again. >> steve: thank you very much, kelley. we heard there are a number of democrats willing to jump off of the cliff schumer to name one. the white house is telling democrat reporters that the president is not eager to but he is willing to go off of the cliff if the republicans don't agree to raising income tax rates. >> gretchen: that is not surpris
tax hikes for the rich x. republicans want tax reform and eliminate deductions and closing the loop holes. the president said on twitter, there can't be tax cuts at the rich at the expense of domestic programs. >> the biggest problem with president obama is he is a small-pinded president in big times . he talk about 35-39 that doesn't get us out of debt. >> that is tough rhetoric for senator lindd say graham. the president will meet with governors and representatives of big business...
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he didn't mention anything about tax increases. but then he says, well, you come to the table and it all comes down to math. it didn't add up. that's why he needs tax increases. >> elections change things. >> math. >>> well, there will be a full court press on capitol hill later this morning as officials from northeast push for billions of dollars in federal aid in the wake of hurricane sandy. senators from hard-hit states are among those scheduled to test final the governors of new jersey, new york and connecticut are teaming up to request almost $83 billion in federal help. >>> also on capitol hill, the senate has just passed its version of a defense bill. it's a $631 billion measure. it calls for a quicker withdrawal of u.s. troops from afghanistan and tougher sanctions on iran. it would also give military personnel a 1.7% raise. that vote was 98-0. unanimous. the senate and house must work out a compromise. >>> now we turn to egypt where tv stations are expected to go dark today in protest over the president's recent power grab
he didn't mention anything about tax increases. but then he says, well, you come to the table and it all comes down to math. it didn't add up. that's why he needs tax increases. >> elections change things. >> math. >>> well, there will be a full court press on capitol hill later this morning as officials from northeast push for billions of dollars in federal aid in the wake of hurricane sandy. senators from hard-hit states are among those scheduled to test final the...
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the white house demanding higher tax rates for the top two tax brackets, and the republicans refusing. after rejecting the obama administration proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction, mostly through spending cuts. and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> reporter: -- a senior white house official assailed it as a step backward, saying if republicans do not agree to some higher rates for wealthier taxpayer, the nation will go over the cliff, and the american people will hold the republicans responsible. wall street remains optimistic a deal will be struck. so the lack of progress is not yet resulted in a market plunge. but some economists estimate that because of the uncertainty posed by the fiscal cliff, at least 200,000 fewer jobs have been created this year. the official deadline is december 31st at midnight when the ball drops in times square. the deadline is before that, a week from friday when the house of representatives is scheduled to go
the white house demanding higher tax rates for the top two tax brackets, and the republicans refusing. after rejecting the obama administration proposal last week, house republicans offered an outline for $2.2 trillion in deficit reduction, mostly through spending cuts. and while president obama would not answer questions about the counterproposal -- >> no deal better than a bad deal, sir? >> reporter: -- a senior white house official assailed it as a step backward, saying if...